【主题】Optimal Policy with General Signal Extraction
【报告人】Albert Marcet教授（伦敦大学学院、巴塞罗那经济学研究生院、经济政策研究中心）
【时间】9月8日（星期二）3:30-5:00 PM
【参会链接】https://zoom.com.cn/j/69438791192 密码：983232
【语言】英文
【摘要】We study optimal policy when the planner has partial information and signals are endogenous to policy. In this case, signal extraction and policy have to be determined jointly. We derive a general non-standard first order condition of optimality from first principles and we use it to find numerical solutions. We derive existing results based on the “separation principle” as
special cases, e.g., models with exogenous signals. We apply our results to multiple versions of a model of optimal fiscal policy and find that taxes are often a highly non-linear function of observed hours worked, calling for tax smoothing in normal times, but for a strong fiscal reaction to output in a deep recession. This non-linearity arises because signal extraction interacts differently with optimal policy depending on the range of observed signals.
【报告人简介】伦敦大学学院（UCL）、巴塞罗那经济学研究生院（Barcelona GSE）教授，经济政策研究中心（CEPR）研究员，世界计量经济学会（Econometric Society）会士。
